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This work provides energy trend assessments and analyses of the future relationship of oil and gas to the world economy, and offers policy recommendations for the Gulf region. Currently, the Gulf oil-producing countries are faced with a myriad of challenges to their pre-eminent position as one of the world's key providers of energy resources. The downward trend in the real price of oil, since the early 1980s has forced the Gulf economies to undergo a series of significant adjustments. Given the sizeable oil reserves available in the Gulf, the rising energy demand in Asia, and the growing energy needs of the Gulf itself, the Gulf region will continue to play a crucial role in the world energy market. In this context, some of the potential threats to the Gulf position in world oil market are discussed, including the development of energy efficient technologies, the competition between gas exporters in the Gulf and the production potential of the former Soviet Union. The book concludes by underlining the urgent need for economic diversification in Gulf nations.